UK asset manager Schroders has announced the first acquisition for its Schroders Italian Property Fund II. As reported earlier this week by PropertyEU, the company has bought a modern office building of some 12,300 m[sup]2[/sup] located in the San Donato district of Milan. The transaction price amounts to around EUR 36 mln.
UK asset manager Schroders has announced the first acquisition for its Schroders Italian Property Fund II. As reported earlier this week by PropertyEU, the company has bought a modern office building of some 12,300 m2 located in the San Donato district of Milan. The transaction price amounts to around EUR 36 mln.
Built in 2005, the fully-let building was acquired from Valore Immobiliare Globale, a listed real estate fund managed by RREEF Fondimmobiliari SGR. 'This investment provides the fund with an attractive yield and security from the excellent tenant covenants,' the company said. Agents Cushman & Wakefield and law firm DLA Piper acted on behalf of the purchaser in this transaction.
Schroders has a EUR 450 mln warchest for potential acquisitions in the Italian commercial property market after raising EUR 180 mln of equity from a range of European institutional investors. According to Marina Bottero, the newly-appointed head of fund management in Italy, the company is also in negotiations to buy a shopping centre and an office building in Rome and Milan.
At present, Schroders runs two property funds in Italy with assets under management of EUR 143 mln. Schroders Italian Property Fund I, currently in liquidation, is in 'final negotiations' to sell Le Vele shopping centre in Cagliari, on the Italian island of Sardinia, according to market sources. The sale was first reported by Europroperty, which said Dutch retail investor Corio is buying the mall for around EUR 110 mln.
The company is also understood to have acquired a shopping centre in Sweden and will reveal the full details of the acquisition in the coming week.
